Claro Advisors LLC Invests $7.72 Million in The PNC Financial Services Group, Inc. (NYSE:PNC)

Claro Advisors LLC bought a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 41,762 shares of the financial services provider’s stock, valued at approximately $7,720,000. The PNC Financial Services Group comprises about 0.7% of Claro Advisors LLC’s investment portfolio, making the stock its 24th biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in PNC. Jennison Associates LLC increased its stake in The PNC Financial Services Group by 38.4% in the first quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after purchasing an additional 291,769 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock worth $71,163,000 after purchasing an additional 276,200 shares during the period. Hsbc Holdings PLC raised its holdings in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after purchasing an additional 262,654 shares during the period. Marshall Wace LLP raised its holdings in shares of The PNC Financial Services Group by 5,419.9% in the 2nd quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock worth $40,277,000 after purchasing an additional 254,356 shares during the period. Finally, Legal & General Group Plc raised its holdings in shares of The PNC Financial Services Group by 6.8% in the 2nd quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock worth $544,335,000 after purchasing an additional 223,955 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $170.11, for a total value of $211,276.62. Following the completion of the transaction, the chief executive officer now owns 558,427 shares in the company, valued at approximately $94,994,016.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, August 9th. The shares were sold at an average price of $170.11, for a total value of $211,276.62. Following the sale, the chief executive officer now directly owns 558,427 shares in the company, valued at $94,994,016.97. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,420 shares of company stock worth $4,223,131. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Up 0.0 %

NYSE PNC traded up $0.02 during mid-day trading on Friday, reaching $188.82. 343,102 shares of the company’s stock traded hands, compared to its average volume of 1,861,888. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $196.64. The company has a fifty day simple moving average of $180.44 and a 200-day simple moving average of $166.93. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The company has a market cap of $75.13 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 2.01 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same quarter last year, the firm earned $3.60 EPS. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.18 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. The ex-dividend date is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.39%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNC. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday. The Goldman Sachs Group lowered their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Jefferies Financial Group increased their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Compass Point lowered The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $185.71.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.